Dismissing the appeal of the revenue the Tribunal held that, Interest on loan taken for renovation and modernisation of factory premises is allowable as deduction .(AY.2011-12)
DCIT v. Laboratories Griffon (P.) Ltd. (2018) 170 ITD 387/ 65 ITR 317 /195 TTJ 855/( 2019) 178 DTR 355 (Kol) (Trib.)
S. 36(1)(iii) :Interest on borrowed capital -Interest on loan taken for renovation and modernisation of factory premises is allowable as deduction .